Wave X, much like Aura, emanates the attack from the model's base in a range of X squares in all directions.  It also effects the model taking the action (but unless it is Augment or Dangerous that has little effect).

Note: SPM is reviewing Dangerous/Aura/Wave actions since some of them do not have intuitive/intended effects. As written with the current FK/2.0 rules, Dangerous Wave will affect the user, enemy, and friendly models while Augment Wave will affect the user and friendly models.